Catching Up with Stepahie Yeboah from Nanogram

Continuing our catch up time with some of our past Summit winners and companies that have received funding from our syndicate. Today, we’re checking in with Stephanie Yeboah (SY) from Nanogram Pharmacy, who just opened!  

TNT: Hi Stephanie! How’s life been since receiving funding at Summit IV? 

SY: It has been crazy! With the funding from TNT, it really accelerated my timeline on opening the pharmacy. It was a lot easier to get things moving faster, and allowed me to accelerate construction, put a team in place, and get more people working on the software. 

TNT: And you just had your grand opening in late May! So exciting. 

SY: 100%, super exciting. I have a great team in place, with 3 Mitacs interns in the dispensary and 3 full-time employees (a pharmacist, pharmacy assistant, and pharmacy tech). 

And we have this cool new project we’re doing with the Calgary Zoo, stay tuned for an announcement on that one! And in case your audience doesn’t know, compounding is basically creating customized medications for specific needs. It’s so flexible, because it’s very personalized and customized, and it can be applicable to all genders, ages, and even in different species. 

TNT: That’s awesome! And thank you for the explanation of compounding. I feel like that’s an explanation you give a lot, lol. Alright, any other goals that you’re working on, now that your pharmacy is open? 

SY: Our software! We’re forging ahead with developing our software and I’m really excited about its completion. It’s really coming along. Being able to see how the algorithm will work, and how it will allow healthcare professionals to select their dosages, flavours, etc. and the dynamic pricing model - it’s really thrilling. 

TNT: I bet! That sounds like the coolest software. Ok, this is not your first time running a business, but it is your first time owning and creating a startup with a tech component. What are some lessons you’d like to pass on to other founders, particularly about raising capital? 

SY: So my first time raising capital was with the Summit. And my biggest advice is just try it. Just do it. Don’t worry about being ready! A lot of people get stuck on having a good pitch deck and a data room, etc., which are all important - but more important is just starting! I didn’t have anything past my incorporation and a business plan when I applied for the Summit. If you wait for your plans, your pitch deck, etc., to be perfect, you’ll never start. 

Plus, when you’re working with investors and doing due diligence, they’re going to have a ton of suggestions and a variety of perspectives that will lead you to improve and refine your business. 

TNT: Great advice. Like Nike says, “just do it.” 

SY: 100%. 

TNT: Ok, so let’s talk about mistakes. What do you think are some of the biggest mistakes startups can make while fundraising? 

SY: I think you need to be careful about being too technical. You need to make sure your product explanation can be understood by any and all types of people. 

Tell investors a story. Make sure they understand why your product/service/solution will create profit. And don’t get bogged down in the details. You only have a short amount of time to pitch, and I’ve seen far too many people try to cram in a bunch of information that isn’t needed. 

Think of your pitch like a commercial. It’s meant to be a short teaser so you can capture the investors’ attention and entice them to continue the conversation. 

TNT: Great analogy! Love it. Ok, last question! What are some of the biggest lessons you’ve learned as a founder?

SY: That everything takes longer than you anticipate, (laughs). Construction, regulations, approvals, etc.; everything takes a long time, ESPECIALLY when you’re opening a business during COVID and the subsequent supply chain issues. 

And also, I realized the absolute importance of having a great team. It’s really important to hire people who believe in your vision, and want to push it forward, AND who all fit together as a team. 

TNT: Fantastic advice. It’s true, one bad apple in the group can ruin the team’s momentum. Stephanie, thank you so much for sitting down with me today and congrats again on the grand opening! 

SY: Thanks Amanda!